Falling behind on bills and struggling with debt is stressful enough. You do not need debt collectors harassing you at all times of the day. Thankfully, there are laws intended to protect you from creditor harassment. The Fair Debt Collections Practice Act is one of the primary federal laws that protects consumers. Under the FDCPA, debt collectors are prohibited from using unfair, abusive, and deceptive tactics to collect money from you.
While most of the country has made great strides in bouncing back from the real estate market collapse and the mortgage crisis of 2008, New Jersey homeowners continue to be burdened by financial challenges. Foreclosures have reached the lowest rates in the past decade in many areas of the country, but not in New Jersey where they remain at all-time highs.
When you find your finances in shambles and can’t see any way out, you may be considering bankruptcy. Some of your friends and family may say you can do it by yourself, and they would technically be correct. But filing for bankruptcy on your own to find debt relief in New Jersey can prove to be a terrible mistake, one that can land you in a deeper hole than you were originally in. Rather, a bankruptcy attorney may be able to help in more ways than you would think.
As the saying goes, the only things certain in life are death and taxes. But whoever originated that adage must have never tried to have a student loan debt discharged in bankruptcy. Up until recently, it was fairly certain that it couldn’t happen. But that may be changing as the student loan debt rises and baby boomers owe thousands even twenty or more years after college graduation. As the climate has become more sympathetic to borrowers, some bankruptcy courts are at least giving these debts a second look.
New data shows that the national foreclosure rate fell by more than 10 percent from July to August. Still, about one in every 1,200 homes in America is facing foreclosure. Leading those statistics is New Jersey and a few other states. This was mostly due to the increasing number of bank repossessions.